Mar 24, 2020   SOURCE: PR NewsWire

Pharmacovigilance Market Size Worth $13.11 Billion By 2027 | CAGR: 13.2%: Grand View Research, Inc.

SAN FRANCISCO, March 24, 2020 /PRNewswire/ -- The global pharmacovigilance market size is expected to reach USD 13.11 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.2% during the forecast period. Increasing incidence of Adverse Drug Reactions (ADR) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year, are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.

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Key suggestions from the report:

    --  Phase IV held a dominant market share in 2019 owing to the extensive
        post-marketing surveillance of pharmaceuticals and increasing ADR
        incidences
    --  In the service provider segment, contract outsourcing held a significant
        market share of around 57% in 2019, owing to the shift in focus of
        pharmaceutical companies toward outsourcing services to reduce
        operational cost
    --  Based on type, spontaneous reporting held the largest revenue share in
        2019, due to wide application of the product in pharmacovigilance along
        with benefits such as easy simulation of data sets for better drug
        comparison
    --  Research organizations segment is anticipated to exhibit lucrative CAGR
        of 13.3% over the forecast period owing to increasing R&D for the
        development of novel biologics and medical devices
    --  Asia Pacific pharmacovigilance market is anticipated to showcase
        lucrative CAGR in the forthcoming years, attributed to the availability
        of low-cost labor and rising number of outsourcing companies in this
        region
    --  Market participants are focusing on increasing R&D activities to develop
        better pharmacovigilance services. Moreover, they are adopting
        strategies such as new product launch, collaborations, and mergers and
        acquisitions to gain competitive advantage

Read 170 page research report with ToC on "Pharmacovigilance Market Size, Share & Trends Analysis Report By Clinical Trial Phase (Pre-Clinical, Phase I, II, III, IV), By Service Provider (In-House, Contract Outsourcing), By Type, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/pharmacovigilance-industry

Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce cost and to minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.

The companies operating in the pharmacovigilance market are undertaking strategic initiatives, such as collaborations with the PV service providers to gain access to medical information and to manage PV workflows. For instance, in September 2019, Accenture collaborated with Bayer to implement the company's INTIENT Clinical platform to simplify and speed its drug development processes, thereby widening business. The company collaborated with BioCelebrate in 2017 to develop a platform for aggregating and analyzing clinical information for improved drug developing efficiency, thus enhancing its R&D capabilities. Such initiatives help companies maintain their market position.

Grand View Research has segmented the global pharmacovigilance market on the basis of the clinical trial phase, service provider, type, end use, and region:

    --  Pharmacovigilance Clinical Trial Phase Outlook (Revenue, USD Million,
        2016 - 2027)
        --  Pre-clinical
        --  Phase I
        --  Phase II
        --  Phase III
        --  Phase IV
    --  Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2016 -
        2027)
        --  In-house
        --  Contract Outsourcing
    --  Pharmacovigilance Type Outlook (Revenue, USD Million, 2016 - 2027)
        --  Spontaneous Reporting
        --  Intensified ADR Reporting
        --  Targeted Spontaneous Reporting
        --  Cohort Event Monitoring
        --  EHR Mining
    --  Pharmacovigilance End-Use Outlook (Revenue, USD Million, 2016 - 2027)
        --  Hospitals
        --  Research Organizations
        --  Industrial
    --  Pharmacovigilance Regional Outlook (Revenue, USD Million, 2016 - 2027)
        --  North America
            --  U.S.
            --  Canada
        --  Europe
            --  U.K.
            --  Germany
            --  France
            --  Italy
            --  Spain
            --  Russia
        --  Asia Pacific
            --  China
            --  India
            --  Japan
        --  Latin America
            --  Brazil
            --  Mexico
        --  Middle East & Africa
            --  South Africa
            --  Saudi Arabia

Find more research reports on Healthcare IT Industry, by Grand View Research:

    --  Digital Pathology Market - Increased focus on improving workflow
        efficiency and demand for faster diagnostic tools for chronic diseases,
        such as cancer, have been key factors driving the growth.
    --  Healthcare Business Intelligence Market - Increasing need to attain
        improved operational workflow and enhanced patient care mainly by
        healthcare providers, payers, and manufacturers are some of the key
        factors propelling the growth.
    --  mHealth Market - The global mHealth market size was valued at USD 40.7
        billion in 2019 and is projected to register a CAGR of 29.2% over the
        forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.